Although decreasing numbers of visitors to most sites now start their visit via a homepage (thanks Google), they remain important.

The main challenge is to recognise how a successful homepage works & then stay focussed.

A homepage is primarily a LANDMARK for findability (by your users)
Eg, Lost on a website? Go to the most familiar landmark (homepage) & start your task again.

It's also as a BILLBOARD for communication (by you)
Eg, Got something very important to say? Pull in some eyeballs on the homepage.

Finally, it can be a CALLING CARD for familiarisation (by first-time users)
Eg, Not sure who these guys are? The homepage gives you an "at-a-glance" summary.

Overall, you must remember that a homepage is never "finished". Just like a new car coming out of a garage, it begins to depreciate and decline from the very moment it is published.